1)The following information is related to the pension plan of Smeylie, Inc. for 2021.Actual return on plan assets$ 430,000Amortization of net gain90,500Amortization of prior service cost due to increase in benefits150,000Expected return on plan assets375,000Interest on projected benefit obligation565,500Service cost1,400,000Contributions/Funding1,250,000Required:A.) Calculate the pension expense for 2021.B.) Prepare the journal entry to record the pension expense and the funding.C.) Calculate the actuarial gain or loss related to return on assets for 2021, and prepare the entry forother comprehensive income for the unrecognized gain or loss.D.) Prepare the entry to record the adjustment to other comprehensive income because of theamortization of prior service costs.

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The following information is related to the pension plan of Smeylie, Inc. for 2021. Actual return on plan assets Amortization of net gain Amortization of prior service cost due to increase in benefits Expected return on plan assets Interest on projected benefit obligation Service cost Contributions/Funding $430,000 90,500 150,000 375,000 565,500 1,400,000 1,250,000

The following information is related to the pension plan of Smeylie, Inc. for 2021. Actual return on plan assets Amortization of net gain Amortization of prior service cost due to increase in benefits Expected return on plan assets Interest on projected benefit obligation Service cost Contributions/Funding $430,000 90,500 150,000 375,000 565,500 1,400,000 1,250,000

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter19: Accounting For Post Retirement Benefits

Section: Chapter Questions

Problem 1E

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